Apple delivered record quarterly revenue in its fiscal Q2 2021, covering the three months to 27 March, but warned supply chain constraints could limit its ability to grow during its current quarter.

The company expects a revenue hit of between $3 billion and $4 billion, with bosses warning on an earnings call global chip shortages were likely to impact its ability to meet demand for iPads and Macs.

CEO Tim Cook (pictured) commented Apple is “supply gated, not demand gated”, adding most shortages involved so-called “legacy nodes” due to appetite from multiple industries, a spread which made it hard to predict when the situation might ease.

Apple noted products impacted by shortages are those in greatest demand due to home working and schooling. It cited Europe as an example, with iPads and Macs highly sought-after due to ongoing Covid-19 (coronavirus) lockdowns.

Cook believes 5G will be a key driver of iPhone growth: the smartphone generated more than half of Apple’s revenue during the quarter at $47.9 billion, up 65 per cent year-on-year.

“I do think that the 5G cycle is important”, Cook said. “We are in the early days of it frankly”.

He noted swift adoption of the technology in China and the US, while other nations had been slower on coverage and uptake.

Cook said Apple’s iPhone 12 had been more popular than the other variants in the range.

Net income grew from $11.2 million in the comparable period of Apple’s fiscal 2020 to $23.6 million, on revenue of $89.6 billion, up 54 per cent.